When purchasing a standard mortgage from a private lender, you may be required to purchase private mortgage insurance (PMI). However, PMI can be costly, usually charging you ...
Supplement your income
A reverse mortgage, or home equity conversion mortgage (HECM), is a federally regulated loan available to home owners 62 and older in which the bank makes payments to the borrower based on a percentage of accumulated home equity. There’s no monthly repayment of interest or principal, although you must continue to pay your taxes and insurance. The loan gets repaid when the house is sold, or when the last of the eligible homeowners have permanently left the house as their primary residence.
- Owner-occupied single family, multi-family and FHA Approved condominiums are eligible
- Pay off an existing mortgage, increase cash flow, pay bills, make home repairs, or set up as a line of credit
- "Non-recourse" feature means the total amount owed can never exceed the home’s appraised value
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Other Articles of Interest
The real estate market offers many different housing options. Depending on your life stage, financial resources, and where you are on your financial journey, one ...
If you own a home, the mortgage payments you make each month could help you build a substantial asset - home equity. The home equity you build represents how much ...
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